For small and medium-sized businesses, managing supplier payments can prove to be time consuming, with just over 1/4 saying it can take anywhere between 3 hours per week to 10 hours or more. Just under half of the SMBs surveyed, however, seem to have their supplier payments process under control, as they spend just 1 hour or less per week.
Key research findings:
- 25.4% of SMBs spend at least 3 hours per week managing supplier payments
- 8.4% claim that more than 10 hours are used each week paying suppliers
- 46.5% of SMBs spend less than 1 hour per week on their supplier payments
More details about the research:
Answers to the question: “How many hours does your accounts payable team spend per week managing payments to suppliers?”
#1: Less than 1 hour (46.5%)
#2: 1 to 2.99 hours (19.4%)
#3: 3 to 4.99 hours (11.2%)
#4: Other (8.8%)
#5: 10+ hours (8.4%)
#6: 5 to 9.99 hours (5.8%)
Demographics: Over 500 US-based respondents from a panel of SMBs (Small and Medium-sized Businesses). Respondents are aged between 25 and 54 and have an average inferred annual income of $24k – $150k.
If you’re a tech journalist or blogger and would like custom research to use in your articles, please complete this research request form. Alternatively, if you have questions, please get in contact with Sançar at email@example.com.